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For the 24 hours to 23:00 GMT, the USD declined 0.33% against the CHF and closed at 0.9995.

Macroeconomic indicators revealed that Switzerland’s SECO consumer sentiment rose to -2.0 in the fourth quarter of 2017 from a level of -3.0 in the previous quarter. Markets had expected the consumer confidence to improve to 0.0. Separately, the nation’s real retail sales unexpectedly dropped by 0.4% on an annual basis in September, against market expectations for an advance of 0.3%. In the prior month, real retail sales had recorded a revised drop of 1.0%.

In the Asian session, at GMT0400, the pair is trading at 0.9988, with the USD trading 0.07% lower from yesterday’s close.

The pair is expected to find support at 0.9956, and a fall through could take it to the next support level of 0.9924. The pair is expected to find its first resistance at 1.0013, and a rise through could take it to the next resistance level of 1.0038.

Next week, investors will look forward to Switzerland’s consumer prices and unemployment rate.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.48% against the CAD and closed at 1.2812.

In the Asian session, at GMT0400, the pair is trading at 1.2813, with the USD trading a tad higher from yesterday's close.

The pair is expected to find support at 1.2787, and a fall through could take it to the next support level of 1.2762. The pair is expected to find its first resistance at 1.285, and a rise through could take it to the next resistance level of 1.2888.

Moving ahead, Canada's international merchandise trade data for September coupled with the nation's unemployment rate for October, both due today, will be on investors' radar.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

EURUSD

The EURUSD had a moderate bullish momentum yesterday topped at 1.1687. The bias is bullish in nearest term testing 1.1725/50 area but as long as stay below 1.1900 the “head and shoulders” bearish scenario remains intact and any upside pullback should be seen as a good opportunity to sell. Immediate support is seen around 1.1625. A clear break below that area could lead price to neutral zone in nearest term testing 1.1575 area. A clear break and daily/weekly close below that area would expose 1.1450 region next week. Fundamental focus today will be on the US NFP number which is expected to be around 312K.

GBPUSD

The GBPUSD had a strong bearish momentum yesterday following a failure to break above 1.3330 key resistance, bottomed at 1.3042. The bias is bearish in nearest term testing the daily EMA 200 located around 1.3000 region which remains a good place to buy with a tight stop loss as a clear break and daily/weekly close below 1.3000 would stop the major bullish trend with a potential bearish reversal scenario. Immediate resistance is seen around 1.3135. A clear break above that area could lead price to neutral zone in nearest term testing 1.3200 region. Fundamental focus today will be on the US NFP number which is expected to be around 312K

USDJPY

The USDJPY attempted to push lower yesterday bottomed at 113.53 but closed higher at 114.08. The bias is neutral in nearest term probably with a little bullish bias testing 114.50 key resistance which remains a good place to sell with a tight stop loss as a clear break above that area would expose 115.50 or higher. Immediate support is seen around 113.75. A clear break below that area could trigger further bearish pressure testing 113.20 support area. Fundamental focus today will be on the US NFP number which is expected to be around 312K. Overall I remain neutral.

USDCHF

The USDCHF attempted to push lower yesterday bottomed at 0.9949 but closed higher at 0.9993. The bias is neutral in nearest term. Overall I remain bullish but need a clear break above 1.0037 key resistance to resume the bullish scenario testing 1.0100 or higher. Immediate support is seen around 0.9940. A clear break and daily/weekly close below that area would expose 0.9835 next week. Fundamental focus today will be on the US NFP number which is expected to be around 312K.

Asia Summary

With the Nikkei 225 closed in observance of a holiday, Asian equity markets opened the session generally higher. Australia's S&P ASX 200 index has hit a fresh high for 2017, amid gains in the mining and energy sectors. BHP has gained over 1%, while shares of gold miner Newcrest are up over 2%.

As of the time of writing, Nasdaq Futures have gained over 0.1%, as shares of Apple traded higher in the afterhours, following its financial results and guidance.

Amid the results, Samsung Electronics, which has gained over 4% this week, is trading lower by over 1%. Shares of Taiwan Semi are also down by about 1%. In Hong Kong, Tencent has gained over 1% and moved to a fresh all-time high.

With the Reserve Bank of Australia (RBA) due to hold its policy meeting next week (Tuesday, Nov 7th), the Aussie has declined by over 0.15%. In Sept, retail sales missed market expectations for the 3rd straight month. Amid the data, Australia's 3-year bond yield has dropped over 5bps on the session.

China's 10-year bond yield is generally stable. Earlier today, the PBoC skipped its regular open market operation (OMO) and instead confirmed a medium-term lending facility (MLF) operation, which was speculated earlier in the week. Recall, it was reported earlier in the week that liquidity conditions in China may tighten in the near term with around CNY1T in funds expected to mature this week, said the China Securities Journal.

In terms of emerging market debt, Venezuela's President Maduro said state oil company PDVSA would on Friday make a $1.1B payment of bonds due in 2017 to JPMorgan. He also said, however, that the country will restructure all of its foreign debt, following the payment by PDVSA.

Looking ahead, the later today release of the US Oct nonfarm employment report will be in focus, along with ISM Non-Manufacturing PMI.

Key economic data

(AU) Australia Sept Retail Sales M/M: 0.0% v 0.4%e; Q3 Ex Inflation Q/Q: 0.1% v 0.0%e

(CN) CHINA OCT CAIXIN PMI SERVICES: 51.2 V 50.6 PRIOR; COMPOSITE: 51.0 V 51.4 PRIOR

(KR) South Korea Sept BoP Current Account Balance: $12.2B (record) v $6.1B prior; Goods Balance: $15.0B v $9.3B prior

(KR) South Korea Oct Foreign Reserves: $384.5B v $384.7B prior

Speakers and Press

China

(CN) NDRC issues draft guidelines on overseas investment by China companies

Other

(VE) Venezuela President Maduro: Will pay bonds tomorrow morning; payment on PDVSA bond to start on Friday; To restructure all foreign debt after tomorrow

Asian Equity Indices/Futures (00:30ET)

Nikkei closed, Hang Seng +0.3%, Shanghai Composite -0.7%, ASX200 %, Kospi -0.2%

Equity Futures: S&P500 flat ; Nasdaq +0.3% , Dax flat , FTSE100 +0.1%

FX ranges/Commodities/Fixed Income (00:30ET)

EUR; 1.1654-1.1666; JPY 113.90-114.09; AUD 0.7682-0.7716; NZD 0.6908-0.6929

Aug Gold flat at 1,277/oz; Aug Crude Oil +0.5% at $54.81/brl; Sept Copper +0.4% at $3.149/lb

GLD SPDR Gold Trust ETF daily holdings -0.4% at 846.0 metric tons

(CN) PBOC SETS YUAN REFERENCE RATE AT 6.6072 V 6.6196 PRIOR

(CN) PBOC CONFIRMS CNY404B MEDIUM-TERM LENDING FACILITY (MLF) OPERATION; Offers 1-year loans at 3.20% v 3.20% prior

(CN) PBoC OMO: Skips OMO v skipped prior; Weekly net drain CNY110B v CNY390B injection w/w

(AU) AUSTRALIA SELLS A$500M IN DEC 2021 BONDS, AVG YIELD 2.0919%, BID TO COVER 7.25X

US markets on close: Dow +0.4%, S&P500 0.0%, Nasdaq 0.0%, Russell +0.3%

Best Sector in S&P500: Financials +0.9%

Worst Sector in S&P500: Consumer Discretionary -0.8%; Materials -0.7%

At the close: VIX 9.93 (-0.27pts); Treasuries: 2-yr 1.616% (+1.5bps), 10-yr 2.372% (flat), 30-yr % (-2bps)

US Market Summary

US indices opened largely flat after the Bank of England raised rates for the first time in roughly a decade, but moved lower after the opening bell as the long-awaited details of the Republican tax plan were finally leaked. To this point much has been in line with the run-up speculation, but it remains clear that there remain likely key sticking points that will be heatedly debated, such as the caps on mortgage interest and state/local taxes deductability. Treasury prices firmed and yields slipped; homebuilder stocks ticked lower on the release. In the afternoon, Pres Trump officially named Jerome Powell to the Fed, which had been expected for several days, but markets got a bit of a lift from the announcement. Financials, REITs, and utilities outperformed on the day, while telecom, energy, materials and consumer discretionary lagged.

US Afterhours Movers

AAPL Reports Q4 $2.07 v $1.87e, Rev $52.6B v $51.2Be; Guides Q1 Rev $84-87B v $83.3Be, gross margin 38-38.5%; guides op-ex $7.65-7.75B; +3.4% afterhours

SBUX Reports Q4 $0.55 v $0.55e, Rev $5.70B v $5.73Be; Raises dividend 20%; Estab $15B 3-yr buyback plan (~19% market cap); -6.7% afterhours

Daily Pivots: (S1) 0.7679; (P) 0.7704; (R1) 0.7738; More...

AUD/USD is staying in consolidation above 0.7624 temporary low and intraday bias remains neutral. On the downside, decisive of 0.7624 will resume whole decline from 0.8124 and target next key cluster level at 0.7322/8. In case of another rise, upside should be limited well below 0.7896 resistance to bring fall resumption.

In the bigger picture, corrective rise from 0.6826 medium term bottom is likely completed at 0.8124, after hitting 55 month EMA (now at 0.8067). Decisive break of 0.7328 key cluster support (61.8% retracement 0.6826 to 0.8124 at 0.7322) will confirm. And in that case, long term down trend from 1.1079 (2011 high) will likely be resuming. Break of 0.6826 will target 61.8% projection of 1.1079 to 0.6826 from 0.8124 at 0.5496. This will now be the favored case as long as 0.7896 near term resistance holds.

Daily Pivots: (S1) 1.2779; (P) 1.2827; (R1) 1.2856; More....

USD/CAD is staying in consolidation from 1.2916 temporary top and intraday bias remains neutral. In case of deeper fall downside should be contained well above 1.2598 resistance turned support and bring rally resumption. Medium term trend in USD/CAD should have reversed. Break of 1.2916 will extend the rise from 1.2061 to 38.2% retracement of 1.4689 to 1.2061 at 1.3065.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we'd favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We'll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.1618; (P) 1.1652 (R1) 1.1693; More...

Intraday bias in EUR/USD stays neutral as consolidation from 1.1574 temporary low is still in progress. As noted before, break of 1.1879 resistance is needed to confirm completion of the decline from 1.2091. Otherwise, near term outlook will stay bearish. Below 1.1574 will target 38.2% retracement of 1.0569 to 1.2091 at 1.1510.

In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we'd be cautious on 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. Meanwhile, sustained trading below 55 week EMA will suggest that such medium term rebound is completed and could then bring retest of 1.0339 low.

Daily Pivots: (S1) 0.9950; (P) 0.9991; (R1) 1.0035; More....

USD/CHF is staying in consolidation below 1.0037 temporary top and intraday bias remains neutral. On the upside break of 1.0037 will resume whole rally from 0.9420. And with sustained trading above 61.8% retracement of 1.0342 to 0.9420 at 0.9990, USD/CHF should then target a test on 1.0342 key resistance. In case of another fall, downside should be contained above 0.9835 resistance turned support and bring rally resumption.

In the bigger picture, current development suggests that USD/CHF has defended 0.9443 (2016 low) key support level again. Rise from 0.9420 could is a medium term up move and should target a test on 1.0342 high. This represents the upper end of a long term range that started back in 2015. On the downside, break of 0.9736 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.

Daily Pivots: (S1) 113.67; (P) 113.94; (R1) 114.35; More...

Intraday bias in USD/JPY remains neutral as it's still bounded in consolidation from 114.44. Decisive break of 114.49 will confirm that correction pattern from 118.65 has completed at 107.31 already. And USD/JPY should then target a test on 118.65. In case of another fall, strong support should be seen from 111.64 support to maintain bullishness and bring rebound.

In the bigger picture, medium term rise from 98.97 (2016 low) is not completed yet. It should resume after corrective fall from 118.65 completes. Break of 114.49 resistance will likely resume the rise to 61.8% projection of 98.97 to 118.65 from 107.31 at 119.47 first. Firm break there will pave the way to 100% projection at 126.99. This will be the key level to decide whether long term up trend is resuming.

Daily Pivots: (S1) 1.2966; (P) 1.3133; (R1) 1.3224; More....

GBP/USD's break of 1.3068 minor support argues that the fall from 1.3651 is ready to resume. Focus is now on 1.3026 support. Firm break there will confirm and target 61.8% projection of 1.3651 to 1.3026 from 1.3320 at 1.2934 first. Break will bring deeper decline to 1.2773 key support level. On the upside, above 1.3138 minor resistance will extend the consolidation from 1.3026 with another rise.

In the bigger picture, as noted before, GBP/USD hit strong resistance from the long term falling trend line. Current development is starting to favor that corrective rebound from 1.1946 low has completed at 1.3651. Decisive break of 1.2773 will confirm this bearish case and target a test on 1.1946 low next, with prospect of resuming the low term down trend. Nonetheless, break of 1.3320 resistance will restore the rise from 1.1946 for 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 .